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Gold Fields estimates Q1 output of 476 000 oz

JOHANNESBURG (miningweekly.com) – Gold major Gold Fields expects to report attributable group production, excluding output from Sibanye Gold, of 476 000 gold-equivalent ounces for the first quarter of the year.

It further expected cash costs for the quarter to amount to about $830/oz and its notional cash expenditure (NCE) to come in at $1 290/oz.

This was in line with Gold Fields’ guidance of producing between 1.82-million and 1.9-million ounces of gold at a cash cost of about $860/oz and an NCE of about $1 360/oz for 2013.

Gold Fields would publish its results for the quarter on May 10.

For accounting purposes, it would have to include two months of production from Sibanye Gold, which was unbundled out of Gold Fields early this year. This would result in it reporting output of 662 000 gold-equivalent ounces.

By: Reuters
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